Dynegy Holdings LLC Bonds (DYN.HQ)

[Enterprising Investor]

Restructuring Update

On May 1, 2012, the Company, DH, certain other subsidiaries of the Company and certain material creditors of DH entered into a Settlement Agreement and a Plan Support Agreement. The Settlement Agreement was filed with and is subject to bankruptcy court approval. The Plan Support Agreement envisions a significantly stronger balance sheet for the Company upon completion of the restructuring. The Company will have reduced debt and lease obligations by over $4 billion and expects net debt at completion of the restructuring to be approximately $600 million. A hearing on the Settlement Agreement has been scheduled for June 1, 2012. The Plan Support Agreement contemplates the filing of a revised Plan and Disclosure Statement by May 30, 2012 and the completion of the restructuring by September 28, 2012.